No Need to Fret about Bulgaria's Budget - Finance Ministry

Business » FINANCE | March 27, 2012, Tuesday // 19:23
Bulgaria: No Need to Fret about Bulgaria's Budget - Finance Ministry

Data for the first 2 months of 2012 show that Bulgaria's state budget is being executed according to schedule and does not need to be revised, stated the Bulgarian Ministry of Finance Tuesday.

The Ministry of Finance was responding to a warning by rightist Union of Democratic Forces party, member of the Blue Coalition, according to which the budget is heading for failure and needs to be updated.

State revenue for 2012 is bound to be some BGN 814 M lower than expected, raising the budget deficit to close to BGN 2 B, warned the UDF.

According to the Ministry of Finance, state revenue for January and February 2012 have grown by 13.5% with respect to the same period last year.

Revenue from VAT have grown by 30.4%. This makes for 14.5% of the scheduled yearly VAT revenue, against 13.3% in 2011.

16.1% of non-tax revenue for the year have been fulfilled by February, against 14.3% last year.

Accounting data for the first two months of 2012 resolutely refute any allegations that Bulgaria's state budget for the year needs to be revised, summarizes the Ministry of Finance.

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Tags: state budget, budget deficit, revenue, VAT, Ministry of Finance, Union of Democratic Forces, Blue Coalition
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